By IANS
New Delhi : The union cabinet Thursday approved the setting up of the Rajiv Gandhi Institute of Petroleum Technology (RGIPT) at Jais in Rae Bareli, the constituency of Congress President Sonia Gandhi, at an estimated Rs.43.50 billion.
The institute, to be set up by an act of parliament, would be an 'Institute of National Importance'. The first academic year would be 2008-09 with students for undergraduate courses and would be fully operational by 2015-16.
On becoming fully operational, it would have seven B. Tech, six Integrated Masters Degrees, eight M.Tech and MBA and 12 Post Graduate Degrees and Ph.D programmes.
The project cost would be met partially through budgetary support of Rs.28.50 billion. The Oil Industry Development Board will contribute Rs.15 billion.
The institute is envisaged to be self sufficient and self-reliant by 2015-16.
With the government committed to increase oil exploration coverage to 100 percent by 2015, a recent study conducted by Price Waterhouse Coopers for Petrofed found the existing manpower not sufficient to meet the requirement of 36,000 by 2019. The institute is expected to meet the shortfall to a significant extent.